Abu Dhabi, UAE: Reem Mall, Abu Dhabi’s upcoming fashion, entertainment and dining destination in the heart of Abu Dhabi, announced this morning that it has signed terms of agreement with Dubai Holding Group. Commenting on this latest development for the much anticipated US $1bn project, Shane Eldstrom, Chief Operating Officer for Reem Mall said: “We are very pleased to announce this new partnership with Dubai Holding Group, and the exciting new brands joining our retail offering. Today’s announcement is yet another milestone for the project which bears testament to the ambitions of Reem Mall. Our leasing programme is well underway, with a number of leading retailers and global dining and lifestyle brands poised to become a part of Reem Mall’s prime shopping, gastronomic and entertainment portfolio.”
Dubai Holding Group represents some of the finest international fashion and lifestyle franchise stores in the region, and is one of the Middle East’s most progressive and fastest growing retail organizations representing famous brands such as Zara, Zara Home, Flamant, Promod, Stradivarius, Women’s Secret, Gerard Darel, Sfera and Delvaux.
His Excellency Ali Bin Saeed Al Shamsi, Chairman of Dubai Holding Group, said: “Reem Mall’s vision to create a stylish, bustling and best in class shopping and lifestyle center for the region has inspired us to bring our portfolio of international brands to this outstanding development. Reem Mall has gone beyond traditional conceptions of a mall to create a mixed-use development with a sense of place and community cohesion built in – a center for social life and gathering as well as shopping and dining.”
Reem Mall, developed by NREC and UPAC, is a 2.9 million sq. ft. retail, leisure, dining and entertainment destination, located on Abu Dhabi’s Reem Island. Construction on Reem Mall commenced at the end of 2015, at the entrance of the new master-developed residential and commercial zone on the eastern side of Abu Dhabi’s mainland.
Reem Mall will bring to the capital a diverse assortment of family-focused retail, leisure and entertainment offerings, with 450 stores including 85 food and beverage outlets and a wide range of edutainment and entertainment anchors. Reem Mall will also house the world’s largest indoor snow-play park, a 125,000 sq. ft. indoor amusement space, characterised by unique entertainment for the entire family including sledging, zorbing and luge.
Established in Kuwait in 1973, NREC has grown into one of the largest real estate companies in the region with ventures across the Middle East and North Africa.
UPAC is one of Kuwait’s leading real estate management companies. Under the agreement, UPAC will invest up to US $224 million in the project through its real estate subsidiary, Al Arfaj Real Estate Company.
About Reem Mall:
Reem Mall is Abu Dhabi’s major new retail, leisure, dining and entertainment destination. It is expected to launch in 2018. The Reem Mall project will comprise around 450 stores, including 85 F&B outlets and a range of family-focused entertainment offerings including the world’s largest indoor snow-play park!
About Dubai Holding Group:
Dubai Holding Group was established in 2000 and is aiming to be the Middle East and North Africa’s (MENA) leading Ambassador for International retailers with 45 plus stores representing famous brands such as Zara, Zara Home, Flamant, Promod, Stradivarius, Women’s Secret, Gerard Darel, Sfera and Delvaux. The Group’s ambition is to bring world-renowned and exclusive brands to style conscious customers throughout the Gulf region.
Established in Kuwait in 1973, the National Real Estate Company (NREC) is a publically listed real estate and investment company with a presence in the Middle East and North Africa.
Over the years, NREC has grown into one of the largest real estate companies in the region with ventures across the Middle East and North Africa. NREC has assets and capital of US$ 1.9 billion and manages 80 million square feet of land. The organisation houses subsidiaries and entities across a range of countries including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya. The portfolio of projects completed or under development, includes office space, mixed use centres, industrial parks, residential communities and super-regional malls.
Established in 2000, publicly listed on the Kuwait Stock Exchange, and headquartered in Kuwait, UPAC is a leading commercial real estate and facilities management company with a specialization in Build Operate Transfer (BOT) initiatives. Its services cover project management and consultancy, real estate development as well as property and facilities management. UPAC manages over 24,000 sqm of commercial space at the Kuwait International Airport, Sheikh Saad Terminal and other prominent locations within the country.